Friendster has been quite a boon in my life, no joke! Back in 2003 when one friend sent me an invitation to join, I ignored it, thinking it was a waste of time. Then I found out more people were joining and that you could meet new friends via the site.
So in late 2003 I finally jumped on the bandwagon and became a member of this beta testing site. It has been free since I have joined and I havent had any major complaints. Due to the fact it is still being tested, they have to work out certain bugs in the system, I guess.
I have made many new friends via Friendster. Some people might use it as a dating site, but I prefer to use it just for friendly purposes. Sure, a Friendster friend may turn out to be something more, but that hasnt quite happened as yet. The best features are that people from all over the world join this site and you can search the database by school/company/city/country/etc.
I would also like to point out that I prefer Friendster to other sites such as MySpace and Hi5. To each their own, but if you take a tour and check it out, I am sure you will agree that Friendster is a fun way to pass some time. ;-p